Central bank denies rumors about VND1 mln note

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The State Bank of Vietnam Monday denied a rumor that a new VND1 million banknote would soon be released.

The rumor of the new bank note, spurred by fears of further inflation, appeared on a number of online forums, the bank said on its website.

Bank officials added that it had not developed a formal policy on the new bill and dismissed the rumors as groundless.

This is not the first time Vietnam has had such a rumor.

In December 2009, the country's financial market was roiled by rumors that the central bank planned to issue VND1 million note. The bank promptly denied the rumors.

Currently, the largest denomination of Vietnam's monetary system is the VND500,000 note, issued in 2003.

Inflation quickened to a two-year high in February. Prices rose 12.31 percent from a year earlier, compared with a 12.17 percent pace in January, according to figures released by the General Statistics Office in Hanoi on Wednesday.

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